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The coronavirus may not infect all, but it may affect all financially.
The stock market saw a massive drop on Thursday, just two days after officials urged Americans to startpreparing for a bigger outbreak of the coronavirusin the United States.
In addition to the significant declines, history was made on Thursday, as the Dow marked its biggest one-day point drop to ever be recorded, according to the outlet. Similarly, the Nasdaq saw its biggest one-day point decline since August 2011.
The Dow and S&P 500 also experienced their worst day for stocks since February 2018, with the S&P closing below 3,000 for the first time since October, CNBC reported.
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“We’re extremely cautious in the short term,” Hainlin explained, according to CNBC. “No one really seems to be an expert on the coronavirus. We haven’t seen anything like this really in our investing lifetimes.”
Other experts — including Goldman Sachs chief U.S. equity strategist David Kostin and Former Federal Reserve Chair Janet Yellen, and head of U.S. rates trading at AmeriVet Securities Gregory Faranello — also spoke out about the coronavirus epidemic and its inevitable effect on the U.S. economy.
“We’ve hit a pocket of fear,” Faranello told CNBC. “We could be in trouble because, let’s face it, the U.S. consumer is what’s holding this thing together.”
“It is just conceivable that it could throw the United States into a recession,” Yellen said Wednesday,according to the outlet.
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On Tuesday, the Centers for Disease Controlurged Americans to start preparing for a bigger outbreakin the U.S. “in the expectation that this could be bad,” said Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases at the CDC.
“It’s not so much of a question of if this will happen in this country anymore but a question of when this will happen,” Messonnier said.
The sudden urgency, after weeks of emphasizing that the risk to the average American is “low,” came from the abrupt spread of the new coronavirus, officially termed COVID-19, in countries outside of China.
Last weekend, cases of coronavirus soared in Italy (283 cases and seven deaths), South Korea (977 cases and 10 deaths) and Iran (95 cases and 16 deaths). Austria and Croatia also said they’ve seen their first cases.
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Currently,the U.S. has 53 confirmed cases of coronavirus. Of those, 12 cases occurred in people who recently returned from trips to China before news of the outbreak spread and two cases were from their close contacts.
On Wednesday night, PresidentDonald Trumpsaid Vice PresidentMike Pencewill beleading the federal government’s responseto the coronavirus outbreak. They plan to ask Congress for additional funding to prevent the disease from spreading.
source: people.com
